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Xurya raises oversubscribed US$55M from early backer AC Ventures and DFIs

Published on July 1, 2024


Earlier today, Xurya, a renewable energy company offering rooftop solar rental without initial cost in Indonesia, announced receiving an additional US$55 million investment.

The oversubscribed round was led by the Norwegian Climate Investment Fund managed by Norfund, with participation from Swedfund, Clime Capital as the manager of SEACEF II, British International Investment (BII), and AC Ventures. With the new funding, Xurya has received more than US$90 million in investment to date.

Xurya is the first renewable energy company in Indonesia to receive direct funding from the Norwegian Climate Investment Fund and Swedfund, Sweden’s Development Finance Institution (DFI). The deal is also the first equity investment in Indonesia by BII, the United Kingdom’s DFI and impact investor, under its current 2022-2026 investment strategy. Clime Capital and AC Ventures are returning investors in Xurya.

Xurya was the first Indonesian company to offer rooftop solar rental without initial cost, which has helped spur the rapid growth of rooftop solar adoption in the nation in recent years, particularly in the commercial and industrial sectors.

Since its 2018 inception, Xurya has continued to pioneer a variety of firsts in the industry, including becoming the first to utilize IoT for remote solar operations in Indonesia and embedding machine learning in solar operations.

Eka Himawan, Managing Director at Xurya, explains that this new funding will help Xurya become globally competitive. “With support from these world-class investors, we are not only going to continue producing innovations that will support a sustainable national energy transition, but we also aim to transform into a world-class company in the next few years,” said Eka.

As the world’s largest archipelago, Indonesia is among the most vulnerable to the negative impacts of climate change. To address this risk, the Indonesian government has produced a roadmap to achieve net-zero emissions by 2060, which includes increasing the proportion of renewables such as solar power into the national energy mix.

Anders Blom, Senior Vice President of Renewable Energy at Norfund, said, “Norfund is thrilled to lead this investment round in Xurya, mobilizing private and public capital into a company that is making vital contributions to the energy transition in Indonesia. The investment is a perfect fit with the mandate of the Climate Investment Fund of contributing to avoiding greenhouse gas emissions by investing in renewable energy in emerging markets.”

Gunilla Nilsson, Investment Director of Energy and Climate at Swedfund, said, “We are proud to partner with Xurya on our first direct investment in Indonesia’s renewable energy sector. With a shared mission to combat climate change in a high emitting country, and a focus on measurable impact metrics, we look forward to actively contributing to sustainable impact for people and the environment alike.”

Mason Wallick, CEO at Clime Capital, said, “We are proud to continue supporting Xurya following our initial investment in 2020 – our first investment after the launch of Clime Capital amid the COVID shutdown. This follow-on investment demonstrates the effectiveness of Clime Capital’s early-stage risk capital model in scaling promising clean energy companies to accelerate their growth.”

Srini Nagarajan, Managing Director and Head of Asia at BII, said, “We are delighted to be supporting a company like Xurya, which is at the forefront of driving innovation in the commercial and industrial solar energy market in Indonesia. As the UK’s DFI, this investment reflects our commitment to sustainable development to support and strengthen our partnership with Indonesia to achieve a greener and more resilient future, especially as we celebrate the 75th anniversary of diplomatic relations between the UK and Indonesia this year.”

Helen Wong, Managing Partner at AC Ventures, said, “The urgency to do something about climate change is clear, especially in Southeast Asia. Similarly, the investment opportunity has never been greater. We are proud to continue supporting Xurya as the largest player in Indonesia’s commercial and industrial solar energy market. ”

“We are very grateful for the trust that has been given by the investors to us,” added Eka. “The Indonesian Government’s target to achieve net-zero emissions by 2060 is very ambitious, but we are certain that with gotong-royong (spirit of collaboration), we are going to achieve it. Xurya is ready to work with all stakeholders towards achieving this goal.”

Xurya was established with a vision to overcome the challenges faced by businesses in adopting renewable energy, particularly the high initial installation costs. Xurya provides a solution in the form of a rooftop solar rental model that requires no initial cost, enabling businesses to easily switch to renewable energy.

In 2022, Xurya received US$33 million in funding from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus. GoTo Ventures is also among Xurya’s early investors.

To date, Xurya has created more than 170 solar projects across Indonesia. Its solar systems have contributed to avoiding carbon emissions by 152,000 tons of CO2 per year and generating more than 1,600 green jobs. With the fresh capital, the company is expected to avoid a further 370,000 tons of CO2 per year. Xurya is also an active member of the Indonesian Solar Energy Association and has participated as a technical trainer and expert in multiple “training of trainers” in the field of solar energy. In 2024, Xurya received B Corp Certification in recognition of the company’s implementation of ESG principles in its business operations.

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